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Alaric Aloor🐕🏎⚽️🥃

A good piece on how the Indian community in the US has overcome the adversity that immigrants usually face (racism, xenophobia, etc) and how this 1️⃣% percent of the U.S. population has made an outsized impact and punched well above its weight 👇🏾

finance.yahoo.com/news/indians

In addition to other issues common to immigrants, such as having no credit history, facing cultural and language barriers, and a lack of familial support, Indians also face extreme immigration delays. On average, an Indian-born immigrant has waited 13 years to get their green card, significantly higher than other immigrants. The situation has consistently worsened over the years. New estimates peg the number as high as 150 years! This is not an exaggeration, just facts based on data from the U.S. Citizenship and Immigration Services (USCIS). The recent wave of tech layoffs has particularly impacted immigrants on H1-B work visas. In November alone, more than 42,000 tech employees lost their jobs. An estimated 30% of those laid off are work visa holders. Those on an H1-B have to remain employed by a company that can sponsor their visa or leave the country within a 60-day grace period. Each year, Indians are issued a majority of the 85,000 H1-B visas. A majority of the 75% of foreign-born Indians come in as students and stay on an H1-B visa.
Companies currently led or owned by Indians have a market capitalization of more than $6 trillion, just over 10% of the total market cap of all companies listed on the NASDAQ. Some notable heavy hitters include Adobe, Alphabet, Microsoft, IBM, Novartis, and soon Starbucks. (So long, Twitter.) This does not include companies such as Gap, Harman International, Mastercard, Match Group, and PepsiCo, where an Indian recently stepped down after a long stint as the CEO. For perspective, that's another $700 billion in market cap between these five. It wouldn't be incorrect to say these leading companies had their best run in recent history under these leaders. Indians in the U.S. have come a long way, surviving exclusionary and xenophobic waves such as the California Alien Land Law of 1913, the Asian Barred Act of 1917, the Johnson-Reed Act of 1924, and countless racial slurs to dominate the healthcare, hospitality, and technology industries.
Indians were deported and barred from entering Canada and the U.S. for decades. The Immigration and Nationality Act of 1965 re- opened the doors for Indians to immigrate to the U.S. From Indian startup founders not getting funding in the 90s and 2000s, to startups not getting funded unless they had an Indian co-founder-the dramatic change was swift. Today, it's "normal" to see yet another public company appointing an Indian executive (or more) in leadership positions, or to see an Indian led-startup raise at a multi-billion dollar valuation. Look at Jyoti Bansal (Harness, $4 billion), Naval Ravikant (AngelList, $4 billion), or Payal Kadakia (ClassPass, $1 billion). Indians are now the second-largest immigrant group in the U.S. An oft-quoted fact, the household income for Indians is twice that of the national average-an important measure of success in a capitalist economy. These achievements are significant because 75% of the 4.6 million Indians in the U.S. are foreign- born. Of the 3 million foreign-born people who identify as Indians, 29% have been in the countrv for less than five vears-and 51% are
Dec 17, 2022, 11:51 PM·Public
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